This news is no surprise, and was prematurely reported back in May. But, reports are claiming that Vibe magazine is now close to shutting its doors, becoming yet another victim of the recession.

According to DailyFinance.com, multiple sources from within and outside the company confirmed rumors of the long-running print magazine.

While an official statement has been released, CFO Angela Zucconi told the website that one would come "by the end of the day. That's all I can say at this point."

Update: Danyel Smith, Vibe's former Editor-in-chief released this statement, further confirming reports of the mag's closing: "On behalf the Vibe content staff (the best in this business), it is with great sadness, and with heads held high, that we leave the building today. We were assigning and editing a Michael Jackson tribute issue when we got the news. It’s a tragic week in overall, but as the doors of Vibe Media Group close, on the eve of the magazine’s sixteenth anniversary, it’s a sad day for music, for hip hop in particular, and for the millions of readers and users who have loved and who continue to love the Vibe brand. We thank you, we have served you with joy, pride and excellence, and we will miss you."

Vibe was launched in 1993 by Quincy Jones.

Wikipedia states: The magazine owes its success to having a broader range of interests than its closest competitors The Source and XXL which focus more narrowly on rap music or the rock & pop-centric Rolling Stone and Spin. It also differs from the more staid Essence, Ebony or Jet publications by attracting younger readers of many ethnicities.